New Times Energy Corporation Limited (New Times Energy), together with its subsidiaries, has entered into an acquisition agreement to acquire 22% equity rights in its subsidiary, New Phoenix Global Limited, for HK$13.90 million (USD 1.79 million). According to the agreement, the subsidiary currently possesses operating rights to various LNG Utilization Projects in Xuzhou City, Jiangsu Province, which include 4 LNG/CNG stations targeting heavy duty trucks. New Times Energy has obtained a total of 29 LNG/CNG stations.
New Times Energy, an integrated natural resources company engaged in the acquisition, development and operation of oil & gas projects, officially entered into the natural gas market in China in July 2012 and has secured various Natural Gas Integrated Projects in different cities, including Liupanshui City and Zunyi City in Guizhou Province, as well as Huai’an City and Xuzhou City in Jiangsu Province.
Jiangsu Province is the second major region of the Group’s LNG/natural gas business and is the key inland water logistics center, connecting the Yangtze River, the Grand Canal and many other fresh water lakes. In addition, over 36,000 vessels were located in Jiangsu Province with 1.6 billion tons of cargo transported through ports in 2010. With the government’s continuous support to replace traditional fuel with LNG for vessels, this creates huge potential markets for LNG application for vessels.
(This article compiled using information from a New Times Energy Corp. Ltd press release)